Attached files
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EX-99.1 - PRESS RELEASE - FULL YEAR 2010 EARNINGS - AXA FINANCIAL INC | e13709_ex99-1.htm |
8-K - CURRENT REPORT - AXA FINANCIAL INC | e13709.txt |
AXA Financial, Inc.
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Reconciliation of AXA US Life & Savings Contribution to AXA Group IFRS Revenues
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with Consolidated AXA Financial, Inc. Premiums under USGAAP
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(in millions) | |||||||
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Twelve Months Ended December 31,
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2009 | 2010 | ||||||
Contribution to IFRS Gross Revenues per AXA Press Release
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in Euro
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Gross Premiums
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8,717
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8,647
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Other Revenues (A)
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667
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811
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9,384
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9,458
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Average exchange rate US$1.00 =
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0.71712
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0.74796
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in US$
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13,086
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12,645
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Reconciling items:
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Less: Other Revenues (A)
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(931)
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(1,084)
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Less: Deposits from Universal life and investment-type product policy fee income (B)
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(10,162)
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(9,520)
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Less: Reinsurance ceded premiums (C)
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(528)
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(523)
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Add: Others (D)
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26
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24
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Total Reconciling items
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(11,595)
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(11,103)
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Consolidated AXA Financial, Inc. US GAAP Premiums
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1,491
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1,542
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(A)
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Represents fees received from servicing and advisory business, and fees on the sales of Mutual Funds reported within Commissions, Fees & Other Income in the US GAAP Statement of Earnings
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(B)
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Reflected as an increase to Policyholder Account Balances in the US GAAP Balance Sheet
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(C)
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Reflected as a reduction to Premiums in the US GAAP Statement of Earnings
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(D)
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Represents Pension fee income and Reinsurance Assumed Premiums that are excluded from premiums for IFRS reporting
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AXA Financial, Inc. | |||||||||||
Reconciliation of the Contribution to IFRS Underlying Earnings, Adjusted Earnings and Net Income, Group Share
to AXA Financial's US GAAP Net Earnings
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(in millions) | |||||||||||
12 Months Ended December 31,
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2009
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2010
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Contribution to IFRS Underlying Earnings, per AXA Press Release
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in Euro
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US Life & Savings
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545 | 478 | |||||||||
Asset Management
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185 | 143 | |||||||||
AXA Financial Holding Company
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(99 | ) | (139 | ) | |||||||
Total Contribution to IFRS Underlying Earnings
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in Euro
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631 | 482 | ||||||||
Net realized capital gains attributable to shareholders
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(16 | ) | (138 | ) | |||||||
Total Contribution to IFRS Adjusted Earnings
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in Euro
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615 | 344 | ||||||||
Profit or loss on financial assets (under Fair Value option) and derivatives
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(541 | ) | 23 | ||||||||
Exceptional Operations (including discontinued operations)
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- | 2 | |||||||||
Integration and restructuring costs
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- | (32 | ) | ||||||||
Goodwill and related intangibles
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(1 | ) | (1 | ) | |||||||
Total Contribution to IFRS Net Income, Group Share
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in Euro
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73 | 336 | ||||||||
Average exchange rate
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US$1.00 =
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0.71712 | 0.74796 | ||||||||
in USD
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102 | 448 | |||||||||
Reconciling items:
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(A)
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GMIB/DB Reserves & Reinsurance Asset
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(3,573 | ) | 231 | |||||||
(B)
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Investment income & capital gains (losses)
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(38 | ) | 18 | |||||||
(C)
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Amortization of goodwill & other intangible assets
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(24 | ) | (32 | ) | ||||||
(D)
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Employee Benefits Plan - Fresh Start, net of DAC capitalization
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(69 | ) | (89 | ) | ||||||
(E)
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Employee stock based compensation
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(10 | ) | (21 | ) | ||||||
(F)
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Other Reserve adjustment - including SOP 03-01
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(9 | ) | (3 | ) | ||||||
(G)
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Amortization of DAC & VOBA
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617 | (548 | ) | |||||||
(H)
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Tax Reserves Release
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- | 148 | ||||||||
(I)
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Tax on sale of Alliance units
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11 | 9 | ||||||||
(J)
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Other
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(129 | ) | (106 | ) | ||||||
Total Reconciling items
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(3,224 | ) | (393 | ) | |||||||
Consolidated US GAAP Net Earnings
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$ | (3,122 | ) | $ | 55 | ||||||
(A)
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Reflects the accounting for reinsurance contracts ceding variable annuity Guaranted Minimum Income Benefit ('GMIB') features as derivative contracts at fair value under USGAAP vs. ceded reinsurance reserves under IFRS; and insurance reserves for Guaranteed Minimum Death Benefit ("GMDB") and GMIB features subject to economic hedging programs on an SOP 03-1 basis under USGAAP vs. remeasurement to reflect current market conditions under IFRS.
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(B)
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Primarily reflects different accounting methodologies for impairments under IFRS and USGAAP.
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(C)
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Reflects amortization of acquisition related intangible assets in USGAAP on acquisitions prior to adoption of IFRS.
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(D)
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Represents impact of IFRS initial implementation "fresh start" adjustment to eliminate the portion of employee benefit liabilities related to deferred actuarial gains and losses, which has resulted in a reduction of ongoing IFRS employee benefit expenses compared to USGAAP over the period in which those deferred gains and losses would otherwise have been amortized.
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(E)
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Primarily reflects different accounting methodologies for share based awards under IFRS and USGAAP.
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(F)
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Represents adjustment of MVA liabilities from the IFRS basis accrued account balance (with interest rate floors reflected on a contract-by-contract basis) to the USGAAP basis (which considers the impact of interest rate floors on a block of business basis) and adjustments to the liability related to group pension contracts and certain mortality and annuitization benefits.
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(G)
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Represents DAC and VOBA reactivity to other IFRS adjustments.
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(H)
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Represents release of state and local deferred taxes for US GAAP reporting resulting from the conversion of ACMC, Inc. from a corporation to a limited liability company.
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(I)
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Represents different accounting methodologies related to the tax expense associated with the sale of AllianceBernstein units.
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(J)
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Other primarily represents operations assumed on behalf of AXA Japan, Minority Interest in AllianceBernstein owned by AXA Companies and different effective tax rates under IFRS and US GAAP.
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